Judge Approves $7.25 Billion Settlement With Visa, MasterCard And Major U.S. Banks For Alleged Anticompetitive Practices And Price Fixing In Setting Interchange Fees
MINNEAPOLIS, Dec. 13, 2013 /PRNewswire/ -- Judge John Gleeson of the United States District Court Eastern District of New York today approved the historic antitrust settlement of $7.25 billion between a class of over 8 million U.S. merchants who accept Visa and MasterCard credit cards and debit cards, and Visa, MasterCard and Major U.S. banks. The settlement is with payment card networks Visa and MasterCard and with card-issuing banks, including JPMorgan Chase, Bank of America, Citibank, Wells Fargo, Capital One and other major banks.
Robins, Kaplan, Miller & Ciresi L.L.P. reached the settlement on July 13, 2012. After a fairness hearing held September 12, 2013, the judge has today concluded that the settlement "which is recommended by experienced and competent counsel," easily meets the standard for approval. The motion for fees and costs will be decided separately. A status conference regarding the next steps in the case shall be held on January 10, 2014.
"We are very gratified that Judge Gleeson has found the settlement to be worthy of final approval, and that he found that the objections were ill-founded. We look forward to the next steps in finally consummating the settlement and getting the funds into the hands of the members of the class," said K. Craig Wildfang, the partner at Robins, Kaplan, Miller & Ciresi L.L.P. who led the case for the Class Plaintiffs as co-lead counsel, along with Thomas Undlin, also a partner at the firm.
Robins, Kaplan, Miller & Ciresi L.L.P. filed the case in 2005, and was appointed by the United States District Court for the Eastern District of New York, along with two other law firms, to represent the class in the case. The settlement that has now resolved the case is believed to be the largest ever settlement of a private antitrust case under the Sherman Act (15 U.S.C. §1 et seq.).The case is In re Payment Card Interchange Fee and Merchant Discount Litigation, 05-MD-1720 (JG)(JO). The other two co-lead counsel law firms that represent the class of merchants are Berger & Montague, P.C. and Robbins Geller Rudman & Dowd LLP. About Robins, Kaplan, Miller & Ciresi L.L.P. Robins, Kaplan, Miller & Ciresi L.L.P. ( http://www.rkmc.com) celebrates 75 years as a litigation firm whose clients include numerous Fortune 500 corporations, emerging markets companies, entrepreneurs, and individuals as both plaintiffs and defendants. With more than 230 lawyers located in Atlanta, Boston, Los Angeles, Minneapolis, New York and Naples (FL), the firm is frequently engaged in high-stakes, complex litigation with significant bottom-line implications for clients. Its business lawyers handle complex transactions in a variety of market segments and industries. Robins, Kaplan, Miller & Ciresi L.L.P. has regularly received a top ranking for litigation from Chambers USA and was chosen as a "Go-To Law Firm" by Corporate Counsel and was named the "Minnesota Firm of the Year" and the Midwest "Intellectual Property Firm of the Year" by the inaugural US Benchmark Awards. In addition, Multicultural Law ranked the firm as one of the top national law firms for diversity in 2012. The American Lawyer ranked the firm seventh in the country in the 2013 Pro Bono Survey, and twice named the firm to the A-List (2007 and 2004). SOURCE Robins, Kaplan, Miller & Ciresi L.L.P.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts